🇵🇹 Portugal
Public Sector Debt · 2026
Total Debt
95.5%
of GDP
Global Rank
#31
of 192
S&P Rating
A-
Credit rating
SOE Debt
+1.9%
2 categories
Where the Debt Sits
Central Government
Central Government: 93.6%Infrastructure: 1.0%Public Corps: 0.9%
Who Holds This Debt
Holder Breakdown
Domestic 45%
Foreign 55%
Domestic: 45%Foreign: 55%
Currency Denomination
Local 100%
Local currency: 100%Foreign currency: 0%
Full Debt Breakdown
Central Government93.6% of GDP
Central GovernmentEurostat — Government Debt (Maastricht)
93.6%Infrastructure SOEs1.0% of GDP
Infraestruturas de Portugal (IP)CFP SOE Report 2023Road & rail infrastructure manager; significant share of €3.1B non-GG SOE debt
0.6%Águas de Portugal (AdP)CFP SOE Report 2023State water utility group; included in CFP non-GG SOE indebtedness
0.3%CP Comboios de PortugalRailTech Oct 2023Historic debt (~€3B) cleared by government 2023; residual borrowings minimal
0.1%Public Corporations0.9% of GDP
TAP Air PortugalTAP FY2024 Results / EU restructuring planDebt/EBITDA 2.2x post-recapitalization; privatization underway
0.9%Total Corporate Debt75.8% of GDP
Nonfinancial corporate debtBIS/FRED Q3 2025
75.8%Household Debt53.4% of GDP
Household debtBIS/FRED Q3 2025
53.4%Unfunded Pension Liabilities345.0% of GDP
Public pension unfunded entitlements (est.)Eurostat Table 29 (2021)In 200-400% range, likely upper range given high pension spending (14% GDP).
345.0%State Bank Liabilities3.0% of GDP
CGD (Caixa Geral de Depósitos)CGD Annual Report 2023 / thebanks.euState-owned bank; total assets €88.6B; debt securities ~€8B (excl. deposits)
3.0%All Layers Total572.7%
Credit Ratings
S&P
A-
Moody's
A3
Fitch
A-
Data Sources
Eurostat — Government Debt (Maastricht)general_government · Updated semi_annual
Dec 202493.6% GDP
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